Gran Turismo Omologato, which translates to “Grand Touring Homologated” in Italian, stands for the displacement in cubic centimeters of each of its cylinders. The number “250” in the name signifies this.
Of the 250 GTOs, only 36 were produced between 1962 and 1964. This contains three 1964 Series II cars and 33 Series I vehicles with bodywork resembling the Ferrari 250 LM from the years 1962 to 1963. In 1964, four earlier Series I vehicles from the years 1962 to 1963 were upgraded with Series II bodywork.
The 250 GTO originally cost $18,000 in the United States, and Enzo Ferrari and his dealer in North America, Luigi Chinetti, personally authorized customers. [ref] Since then, this model has grown in popularity among auto enthusiasts, and sales have frequently shattered sales records. In June 2018, the 1963 250 GTO (chassis 4153GT) that now holds the record for the most expensive Ferrari was sold in a private transaction for $70 million.
The 250 GTO was recognized as the best sports vehicle of all time by Sports Car International in 2004 and ranked ninth on a list of the Top Sports Cars of the 1960s. The 250 GTO was also ranked first on a list of the “Greatest Ferraris of All Time” by Motor Trend Classic, and it was dubbed the “Hottest Car of All Time” by Popular Mechanics.
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Legacy of the 250 GTO
In some respects it’s remarkable how much of a legacy the 250 GTO has left behind. The vehicle was a straightforward racer that wasn’t much different from many other race vehicles of the day or a radical departure from its forerunners. Despite this, it has come to stand for the pinnacle of Ferrari at the time, and its breathtaking beauty and overall impact have made it one of the most recognizable symbols of the 1960s. not just from the era’s auto sector, but also from the whole decade. One of the best Ferraris ever, according to Motor Trend, is this one. It’s simply impossible to refute that, to be honest.
A Quick History of the Ferrari 250 GTO in the World of Luxury
Every time a Ferrari 250 GTO is put up for sale, a big event occurs. It is not only one of the most sought-after sports vehicles in history, but it is also one of the most uncommon. Only 36 were made, all between 1962 and 1964, yet, astonishingly, collectors can identify every single one of them. Ralph Lauren and computer tycoon Craig McCaw each possess one. In August 2014, a 1962 Ferrari 250 GTO broke the auction record when it sold for $38.1 million. Another 1962 GTO, the third one ever constructed, will be put up for auction at RM Sotheby’s on August 24. With a presale estimate of $45 million, this Ferrari is likely to smash the auction record in addition to having an illustrious racing history.
The 250 GTO, the last edition of Ferrari’s 250 model, was designed for racing but also served as a road vehicle. GTO stands for Gran Turismo Omologato, meaning Grand Touring Homologated. The body, which was effectively a 250 Testa Rossa, was powered by a 300 horsepower, 3-liter V12 engine. Each owner of such a beauty received the personal endorsement of Enzo Ferrari, who set the price for such a beauty at $18,000 (about $150,000 today).
1962 250 GTO was a steal at $5,400 when it was sold privately, decades before it was deemed a classic.
The Greatest Barn Find: Chassis 3987 spent 15 years decaying in a field before it was repaired and brought back to life. In 1986, [+] was sold for $1 million.
A 1962 250 GTO that had rusted in a field for 15 years before being repaired was purchased by collector Frank Gallogly for a then-record $1 million a year after Ralph Lauren paid $650,000 for chassis 3987 and Ferrari fever was in full swing. He sold it for $4.2 million two years later.
Cellphone pioneer Craig McCaw purchased a 1962 250 GTO that had formerly belonged to racing icon Stirling Moss in a $35 million private deal.
Record Holder, Part 1: Will the 1962 Ferrari 250 GTO’s auction sale price be surpassed in… August [+]?
A 1962 Ferrari 250 GTO earned a record price at Bonhams’ annual Quail Lodge auction when it sold to Carlos Monteverde, the son of billionaire Brazilian philanthropist Lily Safra, for $38.1 million.
Record Holder, Part 2: The CEO of WeatherTech reportedly paid $70 million for this 1963 Ferrari.
David MacNeil, the founder and CEO of WeatherTech, purchased a 1963 Ferrari 250 GTO privately for an estimated $70 million (the equivalent of about a million car mats).
The New Prize: Will this 1962 Ferrari 250 GTO surpass all previous auction records for a vehicle?
After a successful racing career, Gianni Bulgari purchased the 1962 250 GTO chassis 3413 in 1963. The Ferrari was bought by billionaire Sir Anthony Bamford six years (and a few owners) later, and after a few more owners, Greg Whitten, a former Microsoft chief software architect, bought it in 2000 for $7 million. The car is currently being offered for sale at RM Sotheby’s, where it is anticipated to break auction records. Whitten justifies his choice to sell by saying, “I’ve had the GTO for a long time.” “I want to buy additional cars as well.”
The number of Ferrari 250 GT Californias
The Ferrari 250 GT California Spider series has two basic variations, identified by the designations LWB (Long Wheelbase – 2,600 mm) and SWB (Short Wheelbase – 2,400 mm). A total of 108 cars—50 LWB and 58 SWB—were produced.
Development of the Ferrari 250 GTO
For the 1961 E-Type launch and the lineage of successful Jaguar prototypes that came before it, general manager Girolamo Gardini was concerned.2 For the 1962 Manufacturer’s Championship, the emphasis was switched from sports prototypes to GT cars, and Ferrari was motivated to further develop their 250 GT as much as the rules would allow. They created the 250 Gran Turismo Omologato (GTO), which they named after the homologation procedure that gave rise to it.
The 250 GT racing chassis served as the foundation for the GTO. Before the 1962 season, Ferrari had already constructed close to 200 competition vehicles based on the 250 GT.1 Beginning in 1954 with the 250 Europa GT, the 250 series’ engine, chassis, and body improved year after year, and it “was the production car that universally spread the Ferrari name throughout the world.”1 The 250 GT’s final development was the GTO, which was impervious from the start.
Before rear-engine vehicles like the 250 LM were introduced, a small team headed by Giotto Bizzarrini was given the go-ahead to develop the 250 GT and increase its winning streak.1 Bizzarrini built a crude prototype called Papera using his own 250 GT Boano chassis and a dry-sump version of the V12 engine.4 The chassis and body were modified in secret to keep the entire vehicle as low and as aerodynamically efficient as possible. This required relocating the engine further back in the chassis, allowing for a modern, elegant fastback body.
The Papera’s body was functionally rudimentary and created by Bizzarrini’s Controlli, Collaudie e Sperimentazione racing division.2 The rear end was designed using the Kamm principle, which cutoff the rear bodywork, while the front had a small front area that made the 250 GTO predecessors look like a brick.
Early comparisons between the SWB Berlinetta and Sperimentale, commonly referred to as the GTO prototype, and the 1961 LeMans racers revealed considerable advancements in every category, according to Stirling Moss’ tests at Monza. After his horrible accident at Goodwood, Moss later bought a copy at Le Mans, but it never arrived.
Bizzarrini and a number of other important individuals departed Ferrari during the infamous Palace Revolt in November 1961, before manufacture of the GTO began. For the first racing season, Mauro Forghieri was left to organize Ferrari’s 1962 sports vehicle. He collaborated with racers like Moss to create alterations like the Watts linkage for stability and the rear spoiler.
Dealer for the GT7
One of the final Ferraris to mix the traits of road vehicles and racing cars is the 250 GTO. Even though it’s not the most uncommon Ferrari and there may be fairer variants available, if you enjoy good fiction, you’ll probably grow to love this vehicle. Only 39 of these 250 GTOs were made in all, even when you count the 330 GT and the series 2 cars, and each one of them had an own history. This right-hand drive vehicle, chassis number 3729GT, was made for the UK. It was initially white but was painted red in 1966 after being purchased by Jaguar dealer and race car driver John Coombs. This automobile was driven by some very well-known drivers in the UK in the 1960s, including Graham Hill, Richie Ginther, and Mike Parkes. Later, British racecar driver Jack Sears acquired it and drove it for a while. John Shirley, a former Microsoft president and chief operations officer, has controlled it since 1999. This specific car’s price takes into account its illustrious past.
A legendary 1963 Ferrari 250 GTO is sold for a record-breaking $70 million.
David MacNeil, the founder and CEO of WeatherTech, is probably unknown to you, yet he recently became a member of one of the most exclusive clubs on Earth after reportedly spending $70 million on a 1963 Ferrari 250 GTO that won the Tour de France. The car, which has the chassis number 4153 GT, is thought to be the priciest in the entire world.
MacNeil, a Chicago-based company, made a fortune selling high-end floor mats and has used some of the money to acquire an impressive collection of automobiles. Along with a stable of other “prancing horses,” his collection also includes a 1960 Ferrari 250 GT Berlinetta SWB, which just won best in class at the 2018 Concorso d’Eleganza Villa d’Este, as well as a 250 GT Lusso, 275 GTB, 365 GTB/4 “Daytona,” F40, and F50.
Between 1962 and 1964, the storied Italian manufacturer produced just 39 copies of the 250 GTO, and it’s incredibly unusual for an owner to sell one at any price.